IC Markets Broker Review

IC Markets is a CFD broker based in Australia, spread widely throughout Kenya. The broker has been operational since 2007. Kenyan traders and those seeking automated trading solutions should consider it as one of their best options. The IC Markets review might be helpful to you before you open an account with the broker.

The broker IC Markets offers a great trading environment and is a prominent broker in the industry. As a result, you can enjoy lightning-fast execution and spreads starting at zero pips.

You can find our comprehensive review on IC Markets. Broker reviews are updated regularly!


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This broker is preferred by investors who use MetaTrader and cTrader platforms to run automated trading strategies.

Due to the ease of automated trading strategy implementation, high-frequency traders can typically do a higher turnover than manual traders, which benefits the broker company.

In this article, you will find every upside and downside of the broker. In addition, Kenyan traders can find out how to open an account at IC Markets and the maximum trading requirements.

User Experience: Use the Table of Contents table instantly to jump to sections of interest.

Is IC Markets regulated in Kenya?

ASIC and FSA, IC Markets’ regulatory bodies, provide the broker with a regulatory framework for its clients. Traders from Kenya registered with IC Markets are governed by the Financial Services Authority (FSA) of Seychelles.

A subsidiary of this broker is registered with the Cyprus Securities and Exchange Commission (CySEC). Still, the trading conditions are significantly less favourable, similar to those imposed by European regulations.

We consider it a safe, low-risk, low-cost forex broker due to its long industry reputation as a low-cost, regulated forex broker. Overall, trading with this company is regarded as secure as it is highly regulated worldwide.


By using external audits and having professional indemnity insurance, IC Markets extends its approach to security. Additionally, IC Markets is also a member of the Australian Financial Complaints Authority (AFCA) and an external dispute resolution authority approved by the Australian government. Its purpose is to resolve disputes between customers and financial service providers.

Globally, the broker is represented by a few different companies. Each of these operations prioritises the security of the trader and protects the client’s funds despite this.

The broker will hold your funds in separate accounts with top institutions to ensure maximum protection across bankruptcy and insolvency. This ensures that your money remains intact.

Tradable products

To cater to scalpers and automated trading solutions, IC Markets target the most liquid assets and a wide range of seven asset classes. Overall, the results are pleasing for most traders.

In addition to 60 forex pairs, 120 stocks, 19 commodities, 17 indices, 10 cryptocurrencies, eight bonds, and four futures markets, the broker offers more than 50 currency pairs and futures markets.

Account types

There are several types of accounts available at IC Markets, each with varying requirements. As of right now, this broker offers four types of accounts: demo account, standard live account, raw spread account, and cTrader raw spread account.

Let’s take a look at each account below:

Demo account

Beginners may open a free demo account. There are no time limits associated with this account. Moreover, this account has no fees attached.

It is highly recommended to use a demo account for traders with little or no experience in trading basics. You can check out educational guides or browse some materials to learn more about the trading world.

Standard account

Once you have opened a standard account, you can connect it to MetaTrader. It does not cost you anything to use this account. General spreads range from 0.1 pips up to 0.2 pips depending on the asset you are trading.

A $200 minimum deposit is required for the standard account, with a leverage ratio of 1 to 500. Because of this, these accounts are highly advantageous for discretionary traders.

Raw-Spread account

IC Markets also offers raw spread accounts. Those accounts start at 0 pips, and the spread is the lowest. A commission fee of $35 per lot applies.

For the raw spread account, a $200 minimum deposit is required with a 1:500 leverage ratio. This account is suitable for scalpers and EAs.

How to open a live trading account?

IC Markets offers digital account opening that is quick and simple for Kenyan traders. Apply online in 10 minutes and have your account open.

Here’s how you can open an account:

  • Give your email address and some other contact information.
  • Your name, birth date, and home address should be filled out.
  • You can choose the type of account and the base currency.
  • Describe your trading experience in a survey.
  • You can verify your residency and identity by uploading a copy of your passport or ID along with a bank statement.

Minimum deposit

The low minimum deposit of IC Markets makes this brokerage platform extremely popular among new traders. You read that right! Traders new to the site can start trading with a $200 deposit, which is an exciting figure for new traders.

Not only does IC Markets have a low minimum deposit, but it is also a regulated broker platform that offers high leverage ratios and spreads, which provide an excellent trading experience. Its minimum deposit and payment method on the platform are topics we will discuss in more detail below.

How to deposit the minimum amount?

When it comes to depositing money, ICM Markets offers multiple methods of doing so. It is therefore up to the customer to choose the method of depositing money.

Domestic wire transfers are available but take 1 working day. Deposits made by credit card or debit card will take 4-5 working days to process. There are many different ways to pay at IC Markets.

The following payment methods are available:

  • PayPal
  • Debit/credit cards
  • Thai Internet Banking
  • Skrill
  • Neteller
  • Klarna
  • Rapid transfer
  • Vietnamese Internet banking
  • Domestic wire transfer

The Kenyans usually prefer to use PayPal as other methods take more time for withdrawals and are complicated.

IC Markets’ bonus

Real-time traders cannot receive a welcome or deposit bonus on their first real account at this brokerage.

Plenty of brokers offer bonuses to entice new customers to stimulate them to perform substantial trading activities. For example, traders are guaranteed to get some small money back after making an initial deposit when they receive a welcome or deposit bonus.

However, aspiring Kenyan traders will be disappointed not to find rewards, bonuses, or promotions at IC Markets. As a result, some might even hesitate to open a real account.

New bonuses, however, are being developed, and they will soon be introduced. For more information, please check the official website.

Referral bonus

No referral bonus is available to existing or new traders who have created an account on this platform.

Trades who have introduced others to the platform and expanded their customer base are rewarded with a referral bonus. The user must follow set criteria before receiving a referral bonus for referring a friend or relative.

The following are a few primary conditions:

  • Referrals should use the referral link to sign up for the real account. By doing so, the trader gets credit for the registration.
  • Demo accounts are not eligible for a referral bonus.
  • All of the referred traders should make a minimum deposit to open an account.
  • All traders can take advantage of referral bonuses for a specified period. Bonuses expire automatically when the time is up.

Trading Spreads

All major and minor currency pairs on IC Markets have low spreads. For example, our EUR/USD average spread of 0.1 pips is among the lowest in the world.

Average Standard Account Spreads on Majors

  • EUR/USD: 0.6
  • GBP/USD: 0.6
  • USD/JPY: 0.6
  • AUD/USD: 0.6


The leverage available at IC Markets varies from 1:1 to 1:500. Your client area gives you the ability to adjust the leverage on your trading account. With IC Markets’ MetaTrader 4 and 5 platforms, accounts can leverage 1:500.

To take full advantage of all their manual and automated trading strategies, traders can use higher leverage to suit their trading style.

You may also be entitled to access different levels of leverage, depending on the regulations under which you are registered and the IC Markets entity you are affiliated with.

The ESMA limits the leverage of European traders registered with IC Markets (EU) Ltd. To 30:1 for individuals and 500.1 for professionals. ASIC has limited the maximum leverage that International Capital markets Pty can provide to 30:1 outside of Europe. In contrast, Raw Trading Ltd of IC Markets offers a limit of 500:1.

Commissions and fees

It is relatively inexpensive to trade with this broker since different cost structures exist for different account types. For example, the EUR/USD averages around 0.1 pip at the cost of $7 per round trip of a standard lot for a raw spread account.

A commission-free account is also available, with a minimum spread of just 1.0 pips and an average spread of 1.1 pips for EUR/USD. In addition, you do not need to pay fees to withdraw funds using credit/debit cards or electronic wallets. However, there is a 20 percent fee for international bank withdrawals.

With IC Markets, there are no activation fees, as with some other forex brokers. As such, if you want to avoid spending money while keeping your account active, this is a good option for you.

Trading platform

With this broker, you can get three trading platforms, but MT4 is the most favourable one.

These include MT4, MT5, and cTrader.

CTrader has more charting capabilities and straight-through processing (STP) functionality than other platforms, which is why some traders prefer it over other platforms.

Additionally, with CTrader, you can trade 64 forex pairs, ten major equity indices. By using the CAlgo plugin, you can create customised indicators. Perhaps this is one of the reasons why it has become so popular.

Meanwhile, MT4 is the most popular trading platform. If you’d like to create your own EA, you can do so using the MQL4 language. MQL4 allows you to create algorithms that work for you and assist you throughout the trading process.

One significant change in MetaTrader 5 is that traders can now trade multiple stock entities at once. In addition, MQL5 allows you to create custom indicators and save them for later use, along with this.

As of right now, the broker has no mobile trading application integrated with its platform. They rely instead on integrated applications within the trading platforms. You can download several applications from the broker’s website, including cTrader, MT4, MT5.

MetaTrader 4 platform

Trading activities on IC Markets’ MT4 platform are completely unlimited.

With high frequency to start trading globally, this trading platform offers some of the best opportunities for scalping.

There are no minimum order distance restrictions on traders’ order placements between spreads. The freezing level is 0. Therefore, a price that is close to the market is a good price to choose for your stop-loss order.

Further, IC Markets does not have a first-in, first-out rule, so traders can even hedge their positions. In this way, hedged trades do not require any margin to be paid, and margin trade netting offers some amazing benefits.

MT4 spread

The spreads at IC Markets are among the tightest among all Forex CFD brokers around the globe.

Trading on the MT4 platform generally starts with a spread of 0.0 pips. With a difference of 0.1 pips, it rests on the average for EURUSD. Across all currencies, EUR USD spreads are the tightest on the market.

MT4 offers different options for withdrawals and funding

You can begin funding your MT4 trading account once it has been opened. For withdrawing money, you can also choose from several funding options.

You can deposit money in various ways, including broker to broker, FasaPay, Neteller, China Union Pay, Skrill, debit or credit card, and wire transfer.

MT4 platform with flexible lot sizes on IC Markets

Trade sizes are not restricted or limited at IC Markets. Furthermore, on MT4, one can trade micro-lots as small as 0.01 with flexible lot sizing.

Trading can be performed with the least risk and flexible lot sizes; traders can manage trades of various sizes. However, when selecting your lot size, you must take into account the size of your account.

Here’s a little guide to downloading the MT4 platform

  • MT4 must first be downloaded, followed by the installation package needed to begin the installation process.
  • After the downloaded package is located, run “icmarkets4setup” to begin the installation.
  • The third step is to click the “next” button. Again, the User License Agreement must be read carefully before entering the site.
  • After the installation is complete, you will be able to access your account. Just click “Finish” once it is complete.
  • MT4 opens up automatically in front of you once you have finished the installation.
  • As you progress, MT4 will present a window listing all of the platform’s available servers. Each trading account has its own server, so you must choose one that corresponds to your account.
  • Log in to the demo account server if you have already opened a demo account. Live accounts are managed the same way.

Customer service

To ease the lives of their users, IC markets offer an excellent array of customer service options. You can access them in several languages and ask your questions via live chat on the website. They can also be contacted via email or directly by phone. Furthermore, the website features a comprehensive set of FAQs to assist customers in getting the most out of it.

Education and research

In addition to its education section on its website, IC Markets publishes a blog with relevant content. This section will find topics with good structure, such as technical analysis and risk management, essential to traders.

IC Markets develop many educational videos, but they can only be found on their Vimeo channel and not directly on IC Markets’ website or trading platforms. There is also a section on the broker’s website dedicated to researching clients, including a full economic calendar and the latest news releases from the broker team and wider industry.


There is Zulu Trade and MyFXbook at IC Markets. You can utilise the copies and social trading services offered by Zulutrade when you are enrolled in the IC market. EU traders are the only ones who can access this service. Trade copy (account mirroring) is a feature offered by MyFXbook, through which you can connect an account to myfxbook.

Once you have selected your account mirroring system, you can begin trading. It’s free to use and does not require any installation or training. Traders new to the space will find this tool particularly useful, as it has built-in risk mitigation features.


Thinking of Trading with IC Markets?


Are IC Markets reliable and safe to trade?

It is completely safe to use IC Markets. ASIC (335692), CySEC (361/28), the FSA (SD018 & SIA-F214), and SCB (SIA-F214) all regulate IC Markets of high standards. They protect consumers to the best of their abilities. As an additional security measure, your funds are always held in separate accounts. Thus, your money will always be secure, even if the broker encounters financial difficulties.

What is the withdrawal time for IC Markets?

Your withdrawal method determines how long your withdrawal from IC Markets will take. Payment generally takes three to five days, but some payment methods require one to two weeks to complete. The fastest method of payment is by wire transfer, while cards take the longest.

Is it possible to use IC Markets outside the US?

It is possible. In addition to being an international broker, IC Markets is not available in countries such as the United States, Canada, and Belgium.

Do IC Markets accept Kenyan clients?

Yes, IC Markets accepts Kenyan clients, as well as being regulated by the Financial Services Authority.

Does IC Markets act as a market maker?

In contrast to Market Makers, it is an ECN broker. As a result, their order execution is some of the fastest in the industry.

What are the options for changing leverage with IC market?

Its MetaTrader and cTrader platforms allow you to easily adjust leverage in real-time while placing a trade. Regardless of the assets and your location, you will still have to adhere to the maximum leverage allowed based on the IC.

What is IC Markets minimum deposit amount?

If you want to make the most of your experience with IC Markets and the trading platforms, the broker recommends that you deposit at least $200.

Is IC Markets’ demo account reliable?

Yes, the accounts offered by the broker are trust worthy. In addition, you can practice trading techniques by registering with them.

Does the IC Market allow conversion of demo accounts into live performances?

Indeed. Demo accounts can be converted into existing accounts by providing further information and proving residence and identification via the client portal or security system.

Bottom line

There is no doubt that this broker is a serious global broker with a global reach, with over 60,000 active traders and AUD 600 billion in daily turnover. The account creation process is quick and simple, and there are low forex fees.

There is no charge for withdrawals and deposits. A good part of the website is its education section. If you are interested in trying IC Markets, you can open an account within a day, there are no inactivity fees, and you can open an account for free.



Kenyan traders and those seeking automated trading solutions should consider IC Markets as one of their best options.

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